Accounting Firms in Malaysia, Get Free 3 Quotes Near You and Understand How Exactly They Can Help Your Business
Start-ups, small-medium companies, large organisations and multinational companies have one common aspect: The accounting of their businesses. Regarded as one of the most important aspects of running a company, accounting is often second nature for large and multinational companies.
Often, start-ups and small-medium companies struggle to find the best accounting firm in Malaysia and underestimate the need for one right from day one!
What Is The Role Of Accounting Firms In Malaysia?
Contrary to popular belief, accounting firms are not merely a bookkeeping options for companies. There is a long list of items that come under the responsibility of an accounting firm. Some are crucial to ensure compliance with the law while some accounting firms are necessary to ensure the smooth running of the company.
First and foremost, if your business is a start-up or small-medium company, a professional accountant can request and receive notices from LHDN, the Inland Revenue Board of Malaysia. There may be professional terms and jargons that not every business owner would know what means.
The services of an accounting firm are many, they will work closely with your bookkeepers, amid personnel and liaise with your audit firm when it is time to deliver your annual audit report.
Accounting firms focus on tax planning and preparation so if any taxation issues may arise, they are there to help. This includes preparing business documents for the Inland Revenue Board of Malaysia (IRBM). Accounting firms will also take care of maintaining accurate cash flows records, create profit and loss statements, manage outgoing monies such as vendor payments and payroll processing, these are just a few things that are included in an accounting firm’s services.
Importantly, an accounting firm in Malaysia is integral when it comes to valuation reports for funding, mergers or purchases. If you are new to business, you will need help with pro forma financial statements and projections. This is where your accounting firms will be of great use to you so you know if you are going to be profitable based on the current and future expected revenue.
In addition, accountants or accounting firms also act as advisors to companies and businesses. Advice from accounting firms is important in order to make decisions regarding long-term plans, expenditure control and evaluation of appraisal techniques.
The operations of a business extends beyond its facade, products and services. The background works that involve finances and legalities are tedious and extremely detailed. Hence, it is crucial to hire trustable accounting firms in Malaysia to cater to your accounting needs.
Why Is It Important To Hire An Accounting Firm Early On?
It is very common for new businesses, especially start-ups and small-medium companies to procrastinate in hiring accounting firms in Malaysia early.
With focus on growth, a do-it-yourself (DIY) culture is prevalent and is preferred over professional accounting services to cut down operations costs. Budgets are often allocated to other aspects of operations that will directly translate to sales and profit instead of crucial aspects like hiring a suitable accounting firm to make sure your company is in good financial health.
However, this could be detrimental since you would be meddling with crucial aspects revolving around finances and legalities. Some companies realise too late that the DIY culture could lead to critical situations and seek help from accounting firms at the last minute. Unfortunately, it could be too late and too costly.
Investing in a professional accounting firm will benefit your business in many ways such as:
Due to its tediousness, the accounting work will take up a lot of your time especially if you are not specialised in it. You will need to start from scratch and figure your way up. Even then, you might not be detailed enough and easily overlook something which can be costly.
Outsourcing the accounting works will give you the time and energy needed to focus on other parts of your business like amping up the production and marketing efforts. Therefore, hiring the most suitable accounting firm in Malaysia is needed, as you can allocate your time for something else and get your accounting tasks done professionally.
Helps you to make the most of your money
Apart from the legal aspects and tax, accounting firms will also advise you on financial management, payroll practices and money strategies. If you hire an accounting firm with a proven track record, you will definitely benefit from their experience and expertise.
Investing in experts and professional experiences and optimising on cost-cutting measures will lead to the growth of your company in the long run.
Prevent legal mistakes
The most obvious benefit you will enjoy by hiring an accounting firm is that you can stop worrying about missing an important legal deadline or a fine print in a legal document as it would all be managed by the accounting firm in Malaysia you hired. Apart from meeting the legal requirements that come with running a business, you will also need not to worry about the latest announcements or changes related to tax returns and other cost-saving measures.
What Are The Questions You Must Ask Accounting Firms in Malaysia Before You Hire One?
Evidently, a professional accounting firm will be of great help to your company. The golden question is: How can you find the accounting firms in Malaysia that will cater to your needs the best?
Here are the questions that you need to ask before you hire an accounting firm for your company in Malaysia:
What service does the accounting firm provide and what comes with their package?
As we said, the services of accounting firms are plentiful. It is good to find a firm that can cover a wide range of services so that you do not have to hire multiple providers when it could be done by a well-equipped accounting firm. Depending on the size of the firm, you should ask the owner, or if it has multiple partners, what their past experience is and what firms they have been with in the past. Some might have worked with one of the big four firms, which many times can benefit your company when it comes to tax planning and potential future expansion. But always make sure the service providers are certified professionals and have the right credentials.
Who is the accounting firm’s clientele and whether they have experience handling a business like yours?
The accountancy needs for businesses are not one-size-fits-all and vary based on industries. Hence, it would be wise to know if the accounting firm which you are planning to hire has past experiences in your industry and can take care of your accounts from the get-go. Usually, an accounting firm in Malaysia with years of experience would have handled a wide variety of businesses and industries, and there are even more complicated industries such as manufacturing that some firms don’t want to touch.
What technology does the accounting firm use with their clients?
This question will enable you to gauge the efficiency of the accounting firms when they deal with clients. For instance, if they are up-to-date with the latest accounting software or if you want a firm to offer you cloud accounting it is important to know this beforehand. Accounting firms that fail to continuously upgrade themselves will only waste your time due to inefficiency and lack of resources.
Who will be the contact person that handles your company accounts and what medium will be used for communication?
Find out if you will be dealing with different people each time you communicate or if you will be assigned one dedicated accountant from the accounting firm to communicate with you. A designated accountant will mean seamless communication since he/she will know about your company in detail and there are less chances for miscommunication. If there is going to be a team and your point of contact is going to change every so often, ask about the efforts the firm will be taking to ensure important details are not lost during the rotation. Due to the nature of the work in the accounting industry, there is high employee turnover. Ask what the process is if your contact person decides to quit.
When are the delivery times?
Find out when the accounting firm will deliver the financial statements to you for monthly and quarterly bookkeeping. More importantly, how long will it take for them to deliver the yearly reports? Understandably, they can only deliver after you provide them your supporting documents such as bank statements, receipts, invoices, etc. But, it would be better to know how orderly they are when it comes to reporting to you. You wouldn’t want to be chasing after them long after the financial month or year ends!
Get 3 Free Quotes From Accounting Firms In Malaysia Near You
So, now you know why you need an accounting firm in Malaysia to handle the finances of your business and how to find out if the firm is suitable for your business. The key is to compare their fees, service packages, experience, and expertise side by side.
Get three free quotes from accounting firms in Malaysia and do your comparison thoroughly before choosing the accounting firm in Malaysia that will cater to your needs and bring your business to a whole new level.